We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.This calculator is based on making the minimum repayment amount at a 18% interest rate.Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt and other types of debt.There are several ways consumers can lump debts into a single payment.This tool is for illustrative and educational purposes only and assumes excellent borrower credit history.Your Annual Percentage Rate (APR) will be based on the specific characteristics of your credit application including, but not limited to, evaluation of credit history and amount of credit requested.

The payment reduction may come from a lower interest rate, a longer loan term or a combination of both.The interest rate is fixed for the life of the loan. This personal debt consolidation calculator is designed to help determine whether debt consolidation is right, in which case personal loans could be worth exploring.Enter the credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category.Then change the consolidated loan amount, term or rate to create a debt consolidation loan that will work within the budget.

Your actual APR will be determined when a credit decision is made and may be higher than the rates shown.